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HSBC releases robo-advice and investment service

HSBC UK has launched a new online advice service that will deliver tailored advice based on an individual’s financial circumstances and needs, as it makes investing available for customers.

Customers with a minimum of £1,000 to invest are eligible to use the “My Investment” service on browser or mobile.

Customers will have to answer questions about their financial circumstances, investment experience and their risk appetite, which would create a personalised investment portfolio within 25 minutes.

This investment tool intends to lower the entry point to the bank’s traditional wealth management service.

Raman Bhatia, head of digital bank, HSBC UK, says: “More customers than ever are using mobile and internet banking with more than 90% of our interactions with customers now done through our digital channels, so it’s the natural next step that we utilise the latest technology to give customers investment advice how they want it.”

The tool has been under testing throughout this year.

“Currently, 82% of our customers with investable balances show no evidence of having any previous investment experience,” says James Hewitson, head of wealth and advice, HSBC UK. “This complements our existing wealth management telephone and face to face support, giving customers the ability to invest the way they want, when they want and get the best possible advice for their personal needs.”

Interestingly, HSBC is gearing up for the launch of its new digital bank in the UK, focused on SMEs.

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